Corporate security has always been a top priority for big companies that that own hundreds of thousands of Rands worth of assets, and making sure that they have record of each and every one is of the utmost importance. The information obtained from asset tracking software not only gets used to determine the current financial position of the company, but it also indicates who is using what in the company.
Asset tracking software solutions are essentially designed to monitor, control, and report on every single asset that the company owns and if the software you are using is unable to do that effectively then you cannot use it for official reporting purposes. Every so often, companies are required to list and track every single item that the company owns.
The process of tracking is quite an involved one because it usually requires the loading all of your assets onto a register, allocating an ID and a user to each one and then tracking when and where it gets used.
The Purpose of Asset Tracking in Your Company
Smaller businesses are often not required to keep record of the assets they purchase unless it was purchased in the current tax year and they need to claim it back for tax purposes, but bigger corporate companies that have millions of Rand’s worth of assets that include furniture, IT infrastructure and office equipment, are all required to retain a current asset register for accounting a reporting purposes.
The reason for that is so that the owners of the company can see the exact financial position of the company with all of its assets included. The various departments then use that information to see if the company is growing and they also use it to check and see if the expenditure on certain assets is in line with the company requirements.
Surpluses and shortfalls on the asset register can also be used for budget allocation purposes so that necessary assets can be acquired and the surplus stuff can be sold off or moved to a new department. In addition to the financials, asset tracking also helps you control and keep record of who has what in your company.
Affects More Than Just the Finances
Companies need to know who is taking their property home with them, and cellphones, laptops and even company cars need to be linked to the individual using them and finding the right asset tracking software solutions for your business means that it must meet the minimum financial reporting requirements while effectively tracking every asset owned by the company.